Florida Insurers Seeking Large Hikes For Long-Term Care
Thousands of Floridians who have insurance to cover the cost of staying in a nursing home or assisted living facility could see a steep hike in their premiums.
State regulators this week announced that two insurers have filed for substantial hikes ranging anywhere from 20 percent to 114 percent.
Metropolitan Life Insurance Company has asked for a rate hike that would raise its average premium from $1,593 a year to $2,580 a year. Unum Life Insurance Company of America wants a rate hike that would raise the average premium from $581 a year to $862 a year.
MetLife has nearly 22,800 policyholders in the state while Unum has nearly 46,000 policyholders. Most of the policyholders live in South Florida, but both companies have customers across the state.
The Office of Insurance Regulations plans to hold public hearings before deciding.